Nonprofit signs $53.3M renovation loan for affordable Three Arts Club apartments in UWS

West Side Federation for Senior and Supportive Housing through the entity Brandon Housing Development Fund Company, Inc. as borrower signed a rehab construction loan with lender JPMorgan Chase valued at $53.3 million for the Three Arts Club affordable housing hotel building (HH) at 340 West 85th Street in Upper West Side, Manhattan.
The deal closed on November 21, 2025 and was recorded on December 2, 2025. The property has 51,520 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,034 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on May 9, 2017, for $42 million. The signatory for West Side Federation for Senior and Supportive Housing was Paul R. Freitag .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Paul Freitag, head officer and Claire Hilger, officer. The business entity is Three Arts Club Hdfc.

The property

The hotel building in Upper West Side has 51,520 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 102 feet deep with a total lot size of 7,663 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Riverside-West End Historic District Extension I. The city-designated market value for the property in 2022 is $6.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $550 in OATH penalties and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.1 times the average sales volume among other neighborhoods with $934.5 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Upper West Side has 1.3 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 206,519 square feet of the 317,035 square feet. The largest owner is Aya Acquisition, followed by Isadora Hecht and then James Bauman.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 317,035 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

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